Beleaguered Kazakh bank BTA looks likely to complete its second restructuring in 2-1/2 years after creditors agreed to a deal that will see them receive an estimated 21.1% of their US$11.2bn claims, mostly in cash. The cash-based offer surprised the market, with the senior notes rallying on the news from 24 cents on the dollar to around 40 cents.
“Creditors wanted some credit enhancement and the best you can get is cash,” said Francis Fitzherbert-Brockholes, a partner at law firm White & Case, which advised BTA on the negotiations...............................................Full Article: Source